Big banks’ systems not ready for open banking: APRA

Original article by James Eyers
The Australian Financial Review – Page: 2 : 25-Sep-18

Australian Prudential Regulation Authority chairman Wayne Byres has called on banks to spend more on their IT systems. He says a lack of expenditure on IT has left banks under-prepared for new open banking and credit reporting requirements, while consumer trust in banks will be eroded if their systems continue to suffer from outages. Byres also says it is hard to forecast what impact changes to technology will have on the banking sector.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, FINTECH AUSTRALIA PTY LTD

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